San Diego Housing Market News and Analysis
Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it's an all cash deal?
User Forum Topic
Submitted by flu on August 1, 2008 - 9:03am
So I have a really dumb question I thought I'd get an opinion on.
Suppose that there's a relative who's interested in buying a primary home. Let's suppose right now that your current home's value via estimates is the same as my original purchase price.
Would there be any legality issues if
Is there any issue with someone overpricing a home and for someone to overspend on a home, assuming it's his/her own money?
If so, wouldn't you end up pocketing $499k tax free (assuming you're filing joint return), under the current primary home sales rule (assuming you lived there already for 4 years)?
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